Residential Mortgage-Backed Securities

Residential Mortgage-Backed Securities are financial instruments consisting of residential mortgages pooled together to form larger more complex financial commodities.
News & Analysis as of

Court Grants in Part and Denies in Part JPMorgan’s Motion to Dismiss RMBS Action

On October 16, Judge Susan J. Dlott of the United States District Court for the Southern District of Ohio granted in part and denied in part several JPMorgan entities’ motion to dismiss a complaint filed by several Western &...more

First Department Affirms Dismissal of Ambac’s Contract Claims Against EMC

On October 16, the Appellate Division, First Department of the Supreme Court of New York affirmed the dismissal of Ambac Assurance Corporation’s breach of contract claims against EMC Mortgage arising out of an RMBS...more

The RMBS Working Group: Is There Life After Eric Holder?

Financial institutions are asking what Attorney General Eric Holder’s resignation means for the future of the U.S. Department of Justice’s financial fraud enforcement program generally, and the Residential Mortgage-Backed...more

Final Credit Risk Retention Rules Adopted for Asset Backed Securities and Residential Mortgage Backed Securities

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Department of Housing and Urban Development, Federal Housing Finance Agency, and...more

China – Guidelines for Developing Sports into RMB-5-trillion-per-annum Sector – Tax Cuts for High-tech Sports Enterprises

Yesterday (20 October 2014), as part of its agenda for boosting employment, domestic consumption and other areas of the Chinese economy, China’s Cabinet, the State Council, issued new guidelines ?2014?(the “Guidelines“) to...more

Orrick's Financial Industry Week in Review

ESMA Securities and Markets Stakeholder Group Responds to ESMA Consultations on Draft Technical Standards and Technical Advice on the Market Abuse Regulation - On October 13, the Securities and Markets Stakeholder...more

Court Dismisses Suit Alleging Fraud by Merrill Lynch in the Sale of RMBS

On October 8, Justice Charles E. Ramos of the New York Supreme Court for the County of New York, Commercial Division entered an order dismissing an amended complaint brought by Phoenix Light SF Limited, Silver Elms CDO PLC,...more

Orrick's Financial Industry Week in Review

ESMA Final Draft RTS for Central Clearing of Interest Rate Swaps under EMIR - On October 2, the European Securities and Markets Authority (ESMA) published a report containing final draft regulatory technical standards...more

Court Reverses Itself and Dismisses RMBS Fraud Complaint Against Several Banks

On September 30, Judge Sam Lindsay of the U.S. District Court for the Northern District of Texas granted a motion to dismiss plaintiff Town North Bank’s amended complaint against UBS, Morgan Stanley, Merrill Lynch, and J.P....more

MBIA Allowed to Pursue Fraudulent Inducement Claim Against J.P. Morgan

On September 19, Justice Alan D. Scheinkman of the New York Supreme Court for Westchester County granted in part MBIA’s motion for leave to amend its complaint against J.P. Morgan in an action related to a Bear Stearns RMBS...more

Business Litigation Report -- September 2014

In This Issue: - Main Article: ..The Supreme Court Revisits Patent Eligible Subject Matter in Alice v. CLS Bank - Practice Area Notes: ..International Arbitration Update ..Trial Practice...more

Credit Crunch Digest -- September 2014

This issue of the Credit Crunch Digest focuses on the push by the Federal Reserve for the creation of a Libor alternative; additional updates on high-frequency trading lawsuits; settlements of residential mortgage backed...more

Orrick's Financial Industry Week in Review

UK FCA Policy Statement on Sponsor Competence and Consultations on Joint Sponsors and Sponsor Conflicts - On September 26, the Financial Conduct Authority (FCA) published consultation paper CP14/21, incorporating its...more

RMBS Trustee Files New Repurchase Action Against Nomura

On September 17, HSBC Bank USA NA, as trustee for an RMBS trust, filed suit in the Supreme Court for the State of New York against Nomura Credit & Capital Inc. over approximately $613 million in RMBS issued in May 2007. ...more

Orrick's Financial Industry Week in Review

ESAs' Joint Committee Publishes Report on Risks and Vulnerabilities in the EU Financial System - On September 22, the Joint Committee of the European Supervisory Authorities (ESAs) published its bi-annual report on the...more

HSBC Settles RMBS Claims with FHFA

On September 12, the FHFA and several HSBC affiliates and certain of their current and former officers (collectively, HSBC) announced a US$550 million settlement of claims that the FHFA had brought against HSBC in the...more

Rating Agency Developments

On September 19, Fitch released its criteria for analyzing large loans within single-borrower or multiborrower U.S. CMBS transactions. On September 17, DBRS released its methodology for rating U.S. structured finance...more

BofA and Countrywide Settle RMBS Lawsuit with National Integrity

On August 28, in light of a settlement reached between the parties, Judge Mariana R. Pfaelzer of the United States District Court for the Central District of California dismissed a lawsuit brought by National Integrity Life...more

FDIC RMBS Suit Dismissed as Time-Barred

On August 29, Judge Louis L. Stanton of the United States District Court for the Southern District of New York granted a motion by JPMorgan, Citigroup and several other banks for judgment on the pleadings, dismissing a...more

Orrick's Financial Industry Week in Review

ESMA Publishes Guidelines on the EU Implementation of CPSS-IOSCO Principles - On September 4, ESMA published the translation of guidelines and recommendations on implementing the principles for financial market...more

Orrick's Financial Industry Week in Review

No Intervention for Class of Homeowners in Suit Against HSBC - On August 25, 2014, Judge Denise Cote of the U.S. District Court for the Southern District of New York denied a motion brought by a class of putative...more

Bank of America’s $16.65 Billion Settlement

In what is being reported as the largest settlement ever between the U.S. and a single business entity, Attorney General Eric Holder and Associate Attorney General Tony West announced Thursday that Bank of America Corp....more

Breach of Contract Claims against J.P. Morgan and EMC Dismissed as Time-Barred

On August 19, in an oral ruling from the bench, Vice Chancellor J. Travis Laster of the Delaware Chancery Court dismissed as time-barred loan repurchase claims brought by U.S. Bank as trustee of an RMBS trust against JPMorgan...more

Guaranty Bank RMBS Lawsuits Dismissed As Time-Barred

udge Sam Sparks of the United States District Court for the Western District of Texas granted judgment to defendants in two related cases filed by the FDIC on behalf Guaranty Bank (now defunct) arising out of Guaranty Bank’s...more

Goldman Reaches Settlement with FHFA

On August 22, Goldman Sachs and FHFA announced a US$3.15 billion settlement of claims brought by FHFA against Goldman in two separate lawsuits related to RMBS purchased by Fannie Mae and Freddie Mac between 2005 and 2007. ...more

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